Costco AMEX TrueEarnings Card to Offer 3% Cash Back for Gas
By Sun on Jan 31, 2008 in Credit cards, Personal finance
Post viewed 850 times, 4 so far today
I usually don’t read too much the Costco Connection magazine I received every month as part of the benefit of being an Executive Member, because more than half of the magazine are ads while the rest are articles about stuff Costco offers . But a piece in the February issue did get my attention last night. It’s an announcement that starting February, TrueEarnings Card holders can earn 3% rebate on gasoline purchases.
And, beginning this month (February), members with the newer cards begin receiving 3 percent cash back on gas purchases! These include gas purchases from Costco gas stations and stand-alone stations (such as Chevron or Shell that are not part of a retail or grocery chain).
Originally, the card offers 3% rebates at restaurants, 2% on travel, and 1% everywhere else. The new rebate program definitely makes the card more usable. Before, I only charge it at Costco (1% cash back) and restaurants, and use Chase Freedom card at gas stations and grocery stores for 3% rebates. However, since the 3% rewards from Chase is part of its top-3-category reward program, it would be better to use the TrueEarnings card to get the 3% back for sure. The only problem is, not everybody accepts AMEX 
BTW, in addition to this new rebate program, there are several other cards also offer 3% or more cash back on gas, including:
- Discover More Card: 5% cash back bonus on ravel, apparel, home, gas, restaurants, and movies;
- Discover Open Road: 5% cash back on gas and auto maintenance purchases;
- Citi Driver’s Edge Options Platinum Select: 6% rebates on the purchases made at supermarkets, drugstores and gas stations for 12 months, 3% thereafter.
With gas price around $3.00 a gallon, 3% cash back is a pretty good deal.
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SC | Jan 31, 2008 | Reply
I emailed Amex about this. I have the Costco credit card and haven’t heard a peep about this–is it a promo or is the 3% now the new rewards rate on gas? I’ve had the card for about 2 years. I really hope they give this new rewards rate to every Amex Costco cardholder because the 2 main places I get gas (Costco and a nearby gas station) both take Amex. I sometimes also fill up at my local Safeway–and they also take Amex.
Sun | Jan 31, 2008 | Reply
SC: According to the offer, only TrueEarnings card is eligible for the 3% rebate on gas, not the Costco AMEX platinum card.
financeglobe | Feb 1, 2008 | Reply
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Mark | Feb 1, 2008 | Reply
Costco also has the Business TrueEarnings Card which is superior to the regular Costco TrueEarnings card. It gives:
5% back for gas
3% for eating out
2% for traveling and
1% for everything else.
Of course, it requires that you have a business account, which gives you an additional 2% back on Costco purchases but costs $100/yr. It also has lots of other benefits, which accrue throughout the year.
Siena | Feb 3, 2008 | Reply
Hi. I emailed Amex and they said yes, I would get this new rate on gas — I have the aqua blue card — and it is not for a limited time but their new set promo rate on gas.
It works at Costco and stand alone gas stations but not gas stations that are part of stores (like a Safeway/Vons gas station or a Sam’s Club gas station).
I usually get gas at Costco and a gas station near my home, but occassionally get gas at Safeway or Von’s, especially when I get the 10 cent off promo — bummer it’s not for all gas stations.